CLS FX Volumes Up YoY
Posted by Colin Lambert. Last updated: September 18, 2023
CLS says it handled an average value of $1.901 trillion per day in August, down 4.2% on July’s activity but up 7% on a year-on-year basis.
As has been the case in recent months the majority of the year-on-year increase was in outright forwards, although settlement activity here also dropped back from July’s elevated levels, which were a record for the product. Average daily volume settled in outrights in August was $182 billion, down 15.3% from July, but up by 54% on the same month in 2022.
There were also year-on-year increases in FX swaps, up 4.3% from August 2022 at $1.28 trillion but unchanged from July; as well as in spot, which rose 2.1% year-on-year to $439 billion but represents a 10.5% decline from July.
The spot data largely reflects that released earlier this month by EBS and LSEG FX, although the former declined on a year-on-year basis, and the FX swap data is in line with that released by LSEG for non-spot products last week.